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Investments in Marketable Securities (Tables)
 6 Months Ended
Sep. 30, 2022
Marketable Securities [Abstract]  
Summary of Investments in Marketable Securities

Investments in marketable securities consisted of the following:

 

 

 

September 30, 2022

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

642

 

 

$

-

 

 

$

(78

)

 

$

564

 

Foreign government and agency obligations

 

 

17

 

 

 

-

 

 

 

(5

)

 

 

12

 

Municipal debt securities

 

 

9

 

 

 

1

 

 

 

(1

)

 

 

9

 

Corporate debt securities

 

 

513

 

 

 

1

 

 

 

(85

)

 

 

429

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

51

 

 

 

-

 

 

 

(4

)

 

 

47

 

Non-agency residential

 

 

10

 

 

 

-

 

 

 

(1

)

 

 

9

 

Non-agency commercial

 

 

87

 

 

 

1

 

 

 

(8

)

 

 

80

 

Asset-backed securities

 

 

75

 

 

 

-

 

 

 

(8

)

 

 

67

 

Total available-for-sale debt securities

 

$

1,404

 

 

$

3

 

 

$

(190

)

 

$

1,217

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,171

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

4,388

 

 

 

March 31, 2022

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Fair

 

 

 

cost

 

 

gains

 

 

losses

 

 

value

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency obligations

 

$

538

 

 

$

-

 

 

$

(29

)

 

$

509

 

Foreign government and agency obligations

 

 

26

 

 

 

-

 

 

 

(3

)

 

 

23

 

Municipal debt securities

 

 

9

 

 

 

1

 

 

 

-

 

 

 

10

 

Corporate debt securities

 

 

598

 

 

 

4

 

 

 

(34

)

 

 

568

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency

 

 

20

 

 

 

-

 

 

 

-

 

 

 

20

 

Non-agency residential

 

 

11

 

 

 

-

 

 

 

(1

)

 

 

10

 

Non-agency commercial

 

 

88

 

 

 

1

 

 

 

(3

)

 

 

86

 

Asset-backed securities

 

 

82

 

 

 

-

 

 

 

(4

)

 

 

78

 

Total available-for-sale debt securities

 

$

1,372

 

 

$

6

 

 

$

(74

)

 

$

1,304

 

Equity investments

 

 

 

 

 

 

 

 

 

 

 

3,649

 

Total investments in marketable securities

 

 

 

 

 

 

 

 

 

 

$

4,953

 
Schedule of Continuous Unrealized Losses on Available-For-Sale Debt Securities

The following table presents the aggregate fair value and unrealized losses on AFS debt securities in a continuous unrealized loss position:

 

 

 

September 30, 2022

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

Available-for-sale debt securities:

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

 

Fair value

 

 

Unrealized losses

 

U.S. government and agency obligations

 

$

429

 

 

$

(51

)

 

$

116

 

 

$

(27

)

 

$

545

 

 

$

(78

)

Foreign government and agency obligations

 

 

5

 

 

 

(2

)

 

 

7

 

 

 

(3

)

 

 

12

 

 

 

(5

)

Municipal debt securities

 

 

2

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

2

 

 

 

(1

)

Corporate debt securities

 

 

270

 

 

 

(61

)

 

 

147

 

 

 

(24

)

 

 

417

 

 

 

(85

)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government agency

 

 

45

 

 

 

(4

)

 

 

1

 

 

 

-

 

 

 

46

 

 

 

(4

)

Non-agency residential

 

 

5

 

 

 

-

 

 

 

4

 

 

 

(1

)

 

 

9

 

 

 

(1

)

Non-agency commercial

 

 

55

 

 

 

(6

)

 

 

19

 

 

 

(2

)

 

 

74

 

 

 

(8

)

Asset-backed securities

 

 

39

 

 

 

(3

)

 

 

28

 

 

 

(5

)

 

 

67

 

 

 

(8

)

Total available-for-sale debt securities

 

$

850

 

 

$

(128

)

 

$

322

 

 

$

(62

)

 

$

1,172

 

 

$

(190

)

The aggregate unrealized losses on AFS debt securities in a continuous unrealized loss position for twelve months or longer were not significant as of March 31, 2022.
Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income

The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income:

 

 

 

Three months ended

 

 

Six months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on securities for which the
   fair value option was elected

 

$

(22

)

 

$

(2

)

 

$

(57

)

 

$

7

 

Realized losses on sales

 

$

(11

)

 

$

-

 

 

$

(25

)

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains

 

$

(188

)

 

$

(26

)

 

$

(495

)

 

$

58

 

Realized (losses) gains on sales

 

$

(5

)

 

$

-

 

 

$

(15

)

 

$

22

 
Summary of Contractual Maturities of Available-For-Sale Debt Securities

The amortized cost and fair value by contractual maturities of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

 

 

September 30, 2022

 

 

 

Amortized cost

 

 

Fair value

 

Available-for-sale debt securities:

 

 

 

 

 

 

Due within 1 year

 

$

77

 

 

$

76

 

Due after 1 year through 5 years

 

 

351

 

 

 

326

 

Due after 5 years through 10 years

 

 

358

 

 

 

308

 

Due after 10 years

 

 

395

 

 

 

304

 

Mortgage-backed and asset-backed securities 1

 

 

223

 

 

 

203

 

Total

 

$

1,404

 

 

$

1,217

 

1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.